Singapore defends climate commitment after Kempen ESG exclusion

The government of Singapore has defended its commitment to climate action following a decision by Van Lanschot Kempen NV to exclude the country from its portfolio, after it failed an updated ESG test used by the wealth manager to screen for environmental risks.

“While it is laudable that Kempen has incorporated sustainability considerations in its investment decisions, we invite Kempen to learn more of Singapore’s firm commitments and concrete actions on sustainability,” the National Climate Change Secretariat of Singapore, the Ministry of Sustainability and the Environment, the Ministry of Trade and Industry and the National Parks Board wrote in a joint statement.

Singapore is aware of “its disadvantages” with regard to access to renewable energy sources, but the country “is committed to decarbonizing its electricity generation,” they said. “We will do this through deploying solar energy, importing renewable energy, and potentially harnessing hydrogen.”

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